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Summer 2008

The New York Planner

In This Issue

  • The President's Page
  • FPANY 2008 Calendar
  • FPANY Board of Directors 2008
  • DOL Women's Bureau Allies with FPA in Wi$eUp Initiative
  • Eight Step Layer Approach Sustains Retirement Withdrawal Rate
  • New Members
  • Discussion of Art as Financial Product
  • Social Security Homepage Boasts New Look
  • Six Points Success Model Differentiates You From Them
  • Trading Places
  • Member Anniversaries
  • FPA vs FINRA: Financial Oversight Feud
  • Take 5
  • Our Gold Sponsors

FPANY 2008 Calendar

September

Sept. 12

  • Topic: Technology Fair
  • Location: Holiday Inn, Stamford, CT
  • Time: 10:00 AM

Sept. 17

  • Topic: Financial Planning Liability
  • Location: NYU
  • Time: 8:30 AM

Sept. 17

  • Topic: The Global Economy: Worldwide Transformation
  • Location: Fordham University
  • Time: 5:00 PM

Sept. 29

  • Topic: New Member Breakfast
  • Location: TBD
  • Time: 8:30 AM

October

Oct. 4

  • Topic: Financial Fitness Workshop
  • Location: NYU School of Law
  • Time: All Day

Oct. 7

  • Topic: Ethics and Annual Meeting
  • Location: Fordham University
  • Time: 5:00 PM
  • Topic: TBD
  • Location: NYU
  • Time: 8:30 AM

Calendar of Events

Membership

New Members

  • Grace Lee-Chiang
  • Elizabeth Gavino
  • Hoi Fong
  • Evan Gartenlaub
  • Joan Warner
  • Mae Go
  • Garin DePetra
  • Paul Rampetstreiter
  • John Omeara
  • Michael O'brien
  • Michael Keating
  • James Guerin
  • Bonnie Mohr
  • Matthew Demarco
  • Sue Ann Murray
  • Jay Rosenberg
  • Henry Becker
  • Sunita Bajaj
  • Rick Bryan
  • Matthew Delpriore
  • John McManus
  • Melody Chartier
  • Murray Dropkin
  • Rene Saroza
  • Elissa Burton
  • Cynthia Niesen
  • Ann Creo
  • Ann McAdams
  • Katie Rouff
  • Andrea Kanter
  • Maureen Mccarthy
  • Amit Grover
  • Teri Sterrer
  • Catherine White
  • Christopher Valentine
  • Carrie Bobroff
  • David Breitstein
  • Stewart Pravda
  • Brian Dumont
  • Mario Govic
  • Annette Jacaruso-Cohen

Anniversaries

30 Years

  • Douglas Hyer

25 Years

  • Jeffrey Franklin
  • Rose Marie Goodnough

20 Years

  • Anthony Danna
  • William Shannon

15 Years

  • Karen Altfest
  • Ellen Baker
  • Dawn Bolt
  • Walter Gartner
  • Henry Hanau
  • Debralee Nelson
  • Anthony Rizzuto
  • Wyatt Rushton
  • Stephen Taft

10 Years

  • Stanley Chadsey
  • Anthony Gero
  • David Katz
  • Judith Kenney
  • Arthur Sachs
  • Jeffrey Segall
  • Stefan Wernli

5 Years

  • Edward Alt
  • Richard Atkison
  • Hilary Beall
  • Anthony Canale
  • Bill Chang
  • Ricardo Cinco
  • Marianela Collado
  • F. John Deyeso
  • Jonathan Glantz
  • Paul Jetter
  • Jenifer Lee
  • Kara McCue
  • Michael Mustillo
  • Deborah O'Neil
  • Jesse Rogers
  • Sudhir Sachdev
  • Tracy Smith

Member Directory

FPANY Gold Sponsors

  • Miguel Centeno
    Aetna
  • Anthony Rizzuto, CFP®
    Ameriprise Financial Services
  • Lesley Aronchick
    Coventry
  • Andrea Evans
    Federated Investors
  • Chris Schold
    Laserfiche
  • Jason Swedo
    Managers Investment Group
  • Clarke Welch
    Trust Company of America

From Our Partners

Featured This Newsletter:

Trust Company of America

James TissotThe President's Page

By James Tissot, CFP®

Member Objectives and Responsibilities

As President of the FPA-NY and a member of theRC (Chapter Leadership Resource Council) I have had the privilege of attending many of the National Financial Planning Association's events. It has been rewarding meeting people from across the country and hearing the different ideas and views of what our organization is and should aspire to be. It is a reminder that we are not the only chapter and, believe it or not, the only city in the country. Among almost all the members I have talked to, there seems to be a common objective that is repeated in a collective voice as the number one aim of our organization: "To have financial planning recognized as a profession on par with doctors, attorneys and CPAs."

The CEO of the FPA, Marv Tuttle, and the National Board of Directors have heard the voice as well. They have been taking steps in the media, the government and even in the courts to get the financial planning profession recognized and respected. This has clearly been evidenced in the successful lawsuit against the SEC and the more recent confrontation with FINRA over the oversight of the financial planning profession.

FPA's Adolescence

It has been eight years since the merger of the IAFP and the ICFP. Many said it couldn't be done and almost as many questioned whether it would last. But the FPA has survived its infancy and is entering its adolescence almost 30,000 members strong. Like any adolescent, the FPA has experienced growing pains and sometimes feels awkward and gangly. In my adolescence, my parents tried to instill a sense of purpose and self to help me through the transition from youth to maturity. In essence that is what the FPA is now attempting.

There is a lot of boring stuff that goes along with becoming a chapter of the FPA; incorporation, bylaws and affiliation agreements to name a few. As boring as they may be though, legal documents lay the foundation for solid growth. They set the path and purpose of the organization. With our rapid growth, we as a national organization have lost conformity of those documents and become gangly and awkward. Just as my parents tried to give me a sense of self, the FPA is trying to set a common goal for all of its chapters.

FPA's New Working Documents

After much work and deliberation among the MEMBERS of the FPA, the Board has recently submitted new working documents to all of the local Boards. (Notice that "MEMBERS" is in all caps. These documents were just not issued from the "gods" of the National Board.) They are intended to act as a model or template from which local chapters work and grow into a cohesive and vibrant national organization. Think of them as the "plan" for the profession.

The FPA-NY Board is currently reviewing these documents. It certainly has helped with my insomnia. There's nothing "earth-shattering" here. The FPA-NY already has most of the documents or a close facsimile in place. There is one provision that presents a challenge to the chapter and to you as a member though. The new documents set term limits for the Officers of the Board. We need our members to step up to the plate and get involved with the chapter on a higher level. We need your talent and leadership to help the FPA-NY continue to grow. C'mon; let's be adults - and a profession.

FPANY Board of Directors 2008

  • Chairwoman
    Lauren Prince
  • President
    James Tissot
  • President-Elect
    Clifford Michaels
  • Secretary/Treasurer
    N. Jerry Palumberi
  • Director, Public Awareness
    David J. Bloom
  • Director, Technology
    Scott Brewster
  • Director, Pro Bono-Training & Presentations
    Anthony Canale
  • Director, Allied Professionals
    George L. Bischof
  • Director, Events Management
    Kevin J. Donnelly
  • Director, Pro Bono-Partner Recruitment & Recreation & Retention & Volunteer Recruitment
    Thomas J. Gillespie
  • Director, Membership
    Devika Kamboh
  • Director, Education-Practitioners
    Gail Linn
  • Director, Communications/ Marketing
    Ronald S. Palastro
  • Director, Special Events
    Eleanor Peterkin
  • Director, Government Relations
    Kathleen Piaggesi
  • Director, Forum
    Lauren Prince
  • Director, Succession Planning
    Anthony F. Rizzuto
  • Director, Pro Bono-Calendar & Assignments
    Patricia R. Sawyers
  • Director, Mentoring
    Alan Schoenberger
  • Director, Public Relations
    William J. Supper
  • Director, Education
    Robert M. Wander
  • Director, Sponsor Development
    Thomas A. Whitford
  • Chapter Executive
    Maria T. Eckert
Meet the Board Members
FPANY Proposes 2009 Slate

The 2009 FPANY Nominating Committee, Karen Alfest, Ph.D, CFP®; Lauren Prince, CFP®, CFS, CDFA™; James Tissot, CFP® and Cliff Michaels, CFP®, propose the following individuals to serve as your 2009 Board of Directors for the FPANY. The FPANY's annual meeting is scheduled from 6-8pm following the Ethics Meeting on Tuesday, October 7, 2008. At this time you will have an opportunity to vote and meet the members who will be serving you in 2009. Don't miss this meeting.

Officers
  • Chairman
    James Tissot, CFP®
  • President
    Clifford Michaels, CFP®, MBA
  • President-Elect
    Scott Brewster, CFP®, MBA, EA
  • Secretary/Treasurer
    Jerry Palumberi, CPA
Board of Directors
  • Allied Professionals
    George Bischof, LLB
  • Communications and Marketing
    Robert Wander, CFP®, MBA
  • Education - Practitioners
    Gail Linn, CFP®, LUTCF
  • Education Programs
    Kevin Donnelly, CFP®
  • Events Management
    Thomas J. Gillespie, CFP®
  • Spring Forum
    Lauren Prince, CFP®, CFS, CDFA™
  • Government Relations
    Kathleen Piaggesi, CFP®
  • Membership
    Devika Kamboh, CLTC, MBA
  • Mentoring/Career Development
    Alan Schoenberger
  • Pro Bono (Co-Director)
    Anthony Canale, CFP®, MBA
  • Pro Bono (Co-Director)
    Patricia Sawyers, CFP®
  • Public Awareness
    Open
  • Public Relations
    William Supper, CFP®, MBA
  • Special Events
    Eleanor Peterkin, CFP®, CIMA
  • Sponsor Development/Retention
    Thomas Whitford, CTFA
  • Succession Planning
    Anthony Rizzuto, CFP®, CLU
  • Technology
    Ronald Palastro, CFP®, ChFC, CLU, CSA
David I.  LeoSix Points Success Model Differentiaties You From Them

What are you willing to do to be a top financial planner? What will you do to differentiate? One "Secret of Success" is disciplined execution. Disciplined execution is different and the focus of our six point success model for financial planner.

First, there are few if any "Silver Bullets" in the retail financial services industry. This is true in the product arena and in the standard ways quality advisors approach financial, investment, and portfolio monitoring, reporting and rebalancing. So, you need to differentiate yourself from the pack.

Find Your Edge

There are ways to differentiate. It's more important to remember that strategy suggests you only have to be a little bit better than your competition to win at anything. This has been called the "winning edge concept" or as Sam Silverstein calls it, "The Law of Fractional Advantage." Sam's "law" states all you need to do to win at anything is to be slightly better than your competition. In the one hundred meter race, the winner is usually only a few hundredths of a second ahead of second place. The average margin of victory over the past 10 years in the Indy 500 was only 1.54 seconds.

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Take 5

Take five minutes during your next chapter meeting and share information regarding national activities

  • Check out the new FPA Web site
  • FPA's VLC Offering New CFP Board Ethics Course for FREE
    The session, "CFP Board's New Ethical Standards — Insight from CFP Board's Leadership," has been approved for two hours of ethics CE credit.
  • FPA NexGen 2008 Advanced Deadline is June 20
    Friday, June 20, is the last date to register to attend FPA NexGen 2008, July 25-27, at Sain Johns University in St. Cloud, Minn., at the advanced discounted rate of $300.
  • CE Credit, Lifelong Learning at FPA Boston 2008
    FPA Boston 2008 guarantees independently presented cutting-edge education that addresses every aspect of business needs, carrying the opportunity to earn up to 25 continuing education credits — including ethics credits!

Laruen PrinceDOL Women's Bureau Allies with FPA in Wi$eUp Initiative

By Lauren Prince, CFP®, CFS, CDFA™

Did you know that the United States Department of Labor has a Women's Bureau created by a 1920 Congressional mandate? Apparently, it's the only federal agency responsible to advocate on behalf of women in the workforce.

One of the many initiatives sponsored by the Women's Bureau is a program called Wi$eUp. The goal of this project is to provide financial education online to generation X and Y women and to encourage responsible saving habits for future retirement. Their website, http://wiseupwomen.tamu.edu, is maintained by the Texas AgriLife Extension Service, Texas A&M University System. The Financial Planning Association acts in partnership with the Women's Bureau to provide financial planners to handle teleconferences and Q&A sessions online.

Read More

Jack GardnerEight Step Layer Approach Sustains Retirement Withdrawal Rate

By Jack Gardner, CIMA®, AIFA®

As the 77 million baby-boomers move towards the retirement phase, the financial services industry is faced with an unprecedented opportunity. This baby-boomer generation controls nearly $8.5 trillion of financial assets, not to mention the trillions of dollars that are expected in inter-generational wealth transfers from their parents. I believe that this opportunity will be garnered by those financial advisers who can articulate and implement a clear retirement income plan, based upon a process and not a product.

Expensive Products

Since the birth of the baby-boomers (those born during the 19-year period from 1946–1964), this generation has affected the manufacturing and sale of everything from baby food to Harley-Davidson motorcycles. So it is no surprise to me that the ? nancial services industry is now targeting the baby boomers by trying to manufacture and sell products that aim to provide income for a retirement time frame of 30–40 years.

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Eleanor PeterkinDiscussion of Art as Financial Product

By Eleanor F. Peterkin, CFP®, CIMA

In these turbulent financial markets, alternative assets have bcome increasingly attractive to clients looking for diversification, enjoyment and future asset growth. The art market is particularly interesting. To learn more about this market,, chapter members and their guests gathered at the international auction house, Sotheby's on a spring evening to learn first hand about record art prices. The private viewing and tralk was held Mondday, May 19, 2008. Guests enjoyed strolling through the extensive spring auction preview of American Paintings, Drawings & Sculpture. This auction featured Edward Hicks famous, "The Peaceable Kingdom with the Leopard of Serenity." Also included were paintings fromt he colonial portraits of Gilbert Stuart through the romantic landscapes and western scenes of the 19th century to the American Impressionists, the Ashcan Scchool and Modernists. Sotheby staff members on hand during our tour noted the heated market for American western art.

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Social Security's Home Page Boasts New Look

By Everett M. Lo

Social Security's homepage has a brane new look. In June, we launched a new home page at www.socialsecurity.gov that is more welcoming and user-friendly.

The site follows the standdard for design principles in the industry by reducing clutter, improving navigation, making better use of graphics, reducing the need to scroll down and prioritizing items on the page.

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Bob VeresTrading Places

By Bob Veres, Inside Information

I've been thinking a lot lately about a presentation at the recent Retreat in Ft. Lauderdale, and Iíve come to the conclusion that Rick Kahler, of Kahler Financial Group in Rapid City, SD, is right. He argued that financial planners ought to be hiring outside professionals to do the planning work for themselves and their own families. And then he offered a lot of good information about why this is so seldom done, and how we can facilitate more planner-doing- planning-for-planners activity in our profession.

Become Wise

In his opening remarks, Kahler made an interesting distinction between an industry and a profession. An industry, he said, typically revolves around a craft-like activity, and it usually has a consistent mindset about do- it-yourself activities. He cited three examples: plumbers, auto mechanics and life insurance salespeople. When an issue comes up at home, these craftspeople inevitably do the work themselves.

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FPA vs. FINRA
Financial Oversight Feud

By James Tissot, CFP®

In a June letter from Daniel J. Barry, the Director of Government Relations for the Financial Planning Association,, the FPA fired a warning shot across the bow of the Financial Industry Regulatory Authority (FINRA). The letter was in response to Regulatory Notice 08-24 and specifically, proposed rule 3110. The proposed rule would expand the current FINRA supervisory responsibilities of overseeing the business activities for which registration as a broker-ealer is required, to oversight of "each type of business in which it [a member] engages." The FPA contents that this would "blure the line" of oversight between investment advisers and broker-dealers.

Regulations Differ

Investment advisers and broker-dealers are regulated under different legislation and held to different levels of accountability. An investment adviser is required to act in a duciary capacity, while the latter need only fulfill a "suitability" requirement. In other words, an investment adviser must always act in the client's best interest, while a broker can choose an investment that is good enough, but pays a higher commission than the investment that would have been in "the best interest" of the client.

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